Growthfund (Hellenic Corporation of Assets and Participations S.A.)

Ελληνική Εταιρεία Συμμετοχών και Περιουσίας · Greece · Europe · Founded 2016 · State holding company · IFSWF full member

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Focus

Hellenic Corporation of Assets and Participations S.A.: what it invests in

Infrastructure and utilitiesReal estateEnergy: oil and gasTransport and logisticsFinancial servicesAgriculture and food security

Strategic state holdingsReal estateInfrastructureVenture capital

Geography Mainly domestic

Scale

Hellenic Corporation of Assets and Participations S.A.: how big it is, and on what basis

EUR 12.3B AUM (2024)

Assets under managementAs of 2026-09-30

In US dollars: about USD 12.8B. Converted at USD 1.0389 per EUR, ECB rate for 31 December 2024

Transparency

Hellenic Corporation of Assets and Participations S.A.: what it publishes

8.5 of 10 Band 5 of 5

Published 8 · Partly 1 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Assets under managementS5: EUR 12.3B (about USD 12.8B, 2024 label); As of 2026-09-30
Subsidiaries and participationsS5: 23; As of 2026-09-30
Investment sectorsS5: 11; As of 2026-09-30
PPC stakeS3: 21.82%; As of 2026-06-30
Athens International Airport stakeS3: 25.69%; As of 2026-06-30
Regional airports in tenderS5: 22; As of 2026-09-30
Transparency scoreS7: 8.5 of 10

At a glance. Growthfund is Greece's national growth fund, a state holding company created in 2016 that manages the State's listed and unlisted stakes, real estate, infrastructure concessions and ports. It reports EUR 12.3B of assets under management (about USD 12.8B) across 23 subsidiaries and participations. In 2024 it absorbed the bank rescue fund HFSF and privatisation agency HRADF. S1 S5 S6

Key points

Manages 23 subsidiaries and participations plus concession rights across 11 investment sectors. S5
Became universal successor of HFSF and HRADF under Law 5131/2024, adding stakes in National Bank of Greece and CrediaBank. S3
Core listed stakes: PPC 21.82 percent and Athens International Airport 25.69 percent. S3
Running a concession tender for 22 regional airports; three schemes expressed interest on 30 September 2026. S5
Earns a 0.5 percent fee (EUR 6.4M) on the EUR 1.275B Egnatia Odos motorway concession. S3
Publishes quarterly reports within about three months, plus annual, ESG and asset development reports. S7

Interesting facts

Greece granted it the right to collect the dividend on the State's OTE shares, while the State keeps the vote. S3
It owns 70 percent of the PHAROS AI Factory and the 5G Ventures PHAISTOS investment fund. S4
Its portfolio includes the Corinth Canal and Transport for Athens. S4

Mandate and goals

Raise the value of public assets, modernise state-owned enterprises and reinvest in the Greek economy, operating in the public interest under private-economy rules. S1 S4

Transform portfolio companies and upgrade their governance. S2
Improve services to citizens from state companies. S4
Develop and tender strategic projects and concessions. S5 S4

How it invests

Industries	Infrastructure and utilities, Real estate, Energy: oil and gas, Transport and logistics, Financial services, Agriculture and food security, Technology, Telecoms and media S5 S4
Asset classes	Strategic state holdings, Real estate, Infrastructure, Venture capital S3
Stages	Infrastructure, Public markets, Real estate S3
Geography	Mainly domestic. Greece S5
Direct / through funds / co-invest	Yes / No / Yes S1
Ticket size	No ticket size; the planned Catalyst Fund was set to start with EUR 20M to 50M and take minority stakes only S4
External managers	No external fund programme described S1
Co-investment programme	Works with the European Investment Bank on port projects and with strategic shareholders at Athens International Airport S3 S4

Largest holdings: Hellenic Saltworks (80%), CrediaBank (former Attica Bank) (29.32%), Athens International Airport (25.69%), Public Power Corporation (PPC) (21.82%), National Bank of Greece (8.39%), Piraeus Port Authority (7.14%), Thessaloniki Port Authority (7.27%), Hellenic Post (ELTA) (100%), TIF-HELEXPO (100%), Hellenic Center for Defence Innovation (33%) (as of 2026-06-30) S3

Published criteria

Assets come from the State by law rather than open market sourcing. S1
Concessions and asset sales run through public tenders. S5
Planned Catalyst Fund aims to draw up to three euros of private money per euro invested. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	22 regional airports concession. Three investor schemes expressed interest on 30 September 2026. S5	State asset transfer	Transport and logistics	Infrastructure	Not published
2026	Athens International Airport capital increase. Reinvestment capital increase resolved 16 April 2026; stake now 25.69 percent. S3	Direct investment	Transport and logistics	Infrastructure	Not published	25.69%
2026	"Alphabet" loan portfolio sale. Sale of EUR 4.8B of loans from twelve banks in liquidation, paid in instalments to early 2028. S3	Sale or exit	Financial services	Credit	EUR 432M
2026	Migration ministry facilities. Framework agreements to manage and run facilities. S5	Direct investment	Real estate	Real estate	EUR 137.1M
2025	Egnatia Odos concession. Motorway concession; EUR 6.4M fee accrues to Growthfund. S3	State asset transfer	Transport and logistics	Infrastructure	EUR 1.275B
2024	Athens International Airport capital increase. Parent share of the airport capital increase. S1	Direct investment	Transport and logistics	Infrastructure	EUR 12.8M
2024	HFSF and HRADF absorption. Bank holdings, cash and claims folded in under Law 5131/2024. S1	State asset transfer	Financial services	Not stated	Not published
Not published	PHAROS AI Factory. Holds 70 percent of the AI factory. S4	New company or platform	Technology	Venture	Not published	70%

Case studies

Concessioning 22 regional airports S5 S3

What: A tender for long-term concessions of regional airports held among 23 airport concession rights.
When: 2026
Size: Not published
Why: Attract private operators and capital to regional air infrastructure.
Outcome: Three schemes expressed interest on 30 September 2026.

Selling bank loan claims S3

What: The liquidator sold the Alphabet portfolio of EUR 4.8B of loans from twelve banks in liquidation.
When: Q1 2026
Size: EUR 432M
Why: Recover value from claims inherited through HFSF.
Outcome: Proceeds paid in instalments until early 2028.

Consolidating state funds S1 S3

What: HFSF and HRADF merged into Growthfund under Law 5131/2024.
When: 2024
Size: Not published
Why: One holding company for state assets, bank stakes and privatisations.
Outcome: Now holds 8.39 percent of National Bank of Greece and 29.32 percent of CrediaBank.

Investment process

A board with executive and non-executive members runs the company. A Corporate Governance Council appoints the Chair and CEO from among board members after consulting non-executives. S3

Committee	Role
Corporate Governance Council	Appoints Chair and CEO under Article 192 of Law 4389/2016 S3
Board committees	Committees, internal regulation and risk management listed on the site S5

Assets transferred to the company by law. S1
Asset Development Plan sets the path for each asset. S7
Public tender or concession process for investors. S5

How to approach: The site publishes an Investment Policy, Responsible Investor expectations and a Procurement page; tenders are announced there. S5

Size and returns

Headline size: EUR 12.3B AUM (2024) (Assets under management, as of 2026-09-30) S5 S6
In US dollars: about USD 12.8B. Converted at USD 1.0389 per EUR, ECB rate for 31 December 2024
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Stefanos Theodoridis	Chair, Non-Executive Member S3	Not published
Ioannis Papachristou	Chief Executive Officer S3 S8	2025-03-04
Panagiotis Stampoulidis	Deputy CEO, Executive Director S3	Not published
Vasilis Theofanopoulos	Chief Investment Officer S4	2024-07
Spyridon Lorentziadis	Non-Executive Member S3	Not published
Dimitrios Makavos	Non-Executive Member S3	Not published
Alexandra Konida	Non-Executive Member S3	Not published
Elena Papadopoulou	Non-Executive Member S3	Not published
Andreas Stavropoulos	Non-Executive Member S3	Not published

Governance and transparency

Legal basis: Law 4389/2016 as amended by Law 5131/2024; Law 4548/2018 also applies S1
Oversight: General meeting of the sole shareholder, the Greek State through the Minister of Finance S4
Auditor: Auditors rotate under Article 17 of EU Regulation 537/2014 S1
Santiago Principles: Full IFSWF member S2
Group coordination, group procurement and a whistleblowing platform. S1 S5
Board terms run to 2027 to 2029. S3

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S5 S7
Partly published: annual return. S1
Not published: long-term returns. S1

History

Date	Event
2011	HRADF privatisation fund set up. S4
2016	Law 4389/2016 creates the company. S1
2018	OTE dividend right granted. S3
2024	HFSF and HRADF absorbed under Law 5131/2024. S1
2025-03-04	Ioannis Papachristou becomes CEO. S8
2025-07-10	PPC stake changes to 21.82 percent. S3
2026-03	Alphabet loan portfolio sold. S3
2026-04-16	Athens airport capital increase resolved. S3
2026-09-30	Interest received for 22 regional airports. S5

For family offices

Growthfund does not run a private capital programme. Investors meet it as bidders in public tenders for concessions and assets, or as co-shareholders in listed holdings. S5 S3

Concession tenders for airports, motorways and ports. S5
The planned Catalyst Fund would take minority stakes alongside private money. S4

Reports

Annual financial report 2024: https://growthfund.gr/wp-content/uploads/2026/03/ANNUAL-REPORT-FINAL-COVER-26-2-EN.pdf S1
Second quarterly report 2026: https://growthfund.gr/wp-content/uploads/2026/09/Second-Quarterly-Report_Q2_2026.pdf S3
Fourth quarterly report 2025: https://growthfund.gr/wp-content/uploads/2026/03/Fourth-Quarterly-Report_Q4_2025.pdf S9

Common questions

How large is Growthfund?

EUR 12.3B of assets under management by its 2024 figure, about USD 12.8B. S5

Who runs Growthfund?

Ioannis Papachristou is CEO; Stefanos Theodoridis is Chair. S3

What happened to HFSF and HRADF?

Both were absorbed into Growthfund under Law 5131/2024. S3

Which airports is it offering?

22 regional airports, with expressions of interest received on 30 September 2026. S5

Is Growthfund an IFSWF member?

Yes, a full member. S2

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Sources

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